T2 Metals raises $6.35 million in first tranche of private placement

T2 Metals Corp. (TSXV: TWO) (OTCQB: TWOSF) closed the first tranche of its non-brokered private placement, raising $6,363,131 through the issuance of 12,726,262 units at $0.50 per unit, according to a company statement.

Each unit consists of one common share and one-half warrant, with whole warrants exercisable at $0.75 per share for two years from closing. The company anticipates a final closing within one week.

Company insiders purchased 60,000 units in the offering, constituting a related party transaction under regulatory guidelines. The transaction was exempt from formal valuation and minority shareholder approval requirements as the value did not exceed 25% of the company's market capitalization.

T2 Metals paid finder's fees of $31,900 in cash and issued 63,800 finder's warrants exercisable at $0.75 per share for two years. The company plans to use proceeds for working capital, property acquisition and exploration activities.

The financing enables T2 Metals to proceed with acquiring 100% interest in the Aurora property through an initial option payment of $75,000 cash and 400,000 common shares. A 5% finder's fee will be paid to White Rabbit Resources for the Aurora acquisition.

All securities issued are subject to a four-month hold period and regulatory approvals, including final acceptance by the TSX Venture Exchange. The shares have not been registered under U.S. securities laws.

T2 Metals focuses on copper and precious metal exploration with projects in Yukon and Manitoba.

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